PMI Programa & Portfolio Management (third edition)

In a recent post, I talked about the updates PMI has included in new PMOBK Standard Version (5th Edition): New PMI Standards of Project Management Updates- 5th edition of PMBOK

I want to share with you, also, the main changes, they have added to Portofolio and Program Management Standards.

The Standard for Program Management—Third Edition includes:

• Program Life Cycle has been assigned its own chapter for the third edition to provide the details of the unique set of elements that makes up the program management phase.
• The third edition highlights the full scope of program management and clarifies the supporting processes that complete the delivery of programs in the organizational setting.
• A more detailed definition of program management within an organization is provided, including the fundamental differences between project management and program management.

And The Standard for Portfolio Management – Third Edition includes:

• Three Knowledge Areas were added to address Portfolio Strategic Management, Portfolio Performance Management, and Portfolio Communication Management.
• The Defining Process Group was added to address defining processes
• The Authorizing and Controlling Process Group replaced the Monitoring and Controlling Process Group.

New PMI Standards of Project Management Updates: 5th edition of PMBOK

Recently, PMI (Project Mangement Institute) announced the publication of new editions of its project, program amb portfolio management foundational standars.

New standars will be pubished in early january 2013, and will cover fifth edition of PMBOK (Project Managements Body of Knowledge), and third edition of “The Standard for Progran Management” and “The Standard for Portfolio Management”.

You can access to complete information clicking on:

• A Guide to the Project Management Body of Knowledge (PMBOK^® Guide )—Fifth Edition
• The Standard for Program Management—Third Edition
• The Standard for Portfolio Management—Third Edition

I want to highlight of new PMBOK edition 3 important aspects:

• A 10th Knwoledge Area: Project Stakeholder Management. I was sure this area would be added in the last revison of PMBOK, Fourth Edition. Finally, it is included
• Project data information and information flow have been redefined and aligned with the DIKW (Data, Information, Knowledge and Wisdom) model used in the field of Knowledge Management
• Four new planning processes added to reinforce the concept of the subsidiary plans integrated through the overall project management plan:
  • Plan Scope Management
  • Plan Schedule Management
  • Plan Cost Management
  • Plan Stakeholder Management

In following post I will talk about the new aspects of the remaining two foundation standards.